A former Alibaba employee founded the new investment firm called Grand Shores Global Blockchain Ten-Billion Innovation Fund. The fund, recently, announced its investment into a ride-hailing project called Chexianglian.

The Chinese media reported the investment, but the amount remains undisclosed. The company only claims “tens of millions of US dollars” worth of investment.

Chexianglian is, reportedly, a ride-hailing project. Some Chinese media outlets reported that it will be similar to the VV Share, which is another car sharing platform. The platform lets riders and drivers control the platform.

Its originator, Chen Weixing, formerly founded Kuaidi Dache, which eventually merged with Didi Dache to become the biggest ride-hailing company in China. The new platform will focus on creating a blockchain-based tokenized economy.

Some sources also claimed that Chexianglian is expected to have over 60 employees and 10,000 vehicles on the road.

Yao Yongjie, who is a former Alibaba employee, founded Grand Shores two months ago. He was also an early investor in Canaan Creative, which is the second most influential Bitcoin-mining machine manufacturer based in China. EOS investor Li Xialoai is also backing this fund.

According to their Medium page, “Grand Shores Capital is initiated and established by Hangzhou Tunlan Investment Management Co., Ltd. in conjunction with INBlockchain, focusing on the billion-dollar innovation fund invested in blockchain-related technology industries.” The company also boasts of bringing senior managers from Fortune 500 companies on board.

Grand Shores aims to put in RMB10 billion (~$1.5 billion) in the blockchain industry. The fund claims to have received 30% of its total capital from the government guidance fund from the Hangzhou Government.

The provincial Chinese authority is known to be very blockchain-friendly. Its most recent investment was announced earlier this month when mirror identity blockchain ecosystem Usechain received an undisclosed amount in funding.

Ride-hailing Company Chexianglian Receives Funding From Grand Shores Blockchain Fund was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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